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LG Electronics announces prike hike on IT Peripheral products

  • Updated
  • 02/06/2008

New Delhi, June 02, 2008: LG Electronics India Pvt Ltd today announced price hike owing to the constant escalation of input costs. The price hike will span across categories like Monitors and optical storage devices and the targeted price increase is around 7% to 10%. However, with a view to soft pedal these sudden impacts LG will be increasing the prices in a phased manner, starting with 3% with immediate effect.

The LCD Monitors will have two additional impacts in market prices. As the customs duty is based on MRP, this dollar appreciation is further compounded by proportionate increase in duty owing to increased MRP. Additionally, there is an increasing trend of LCD Panel prices. Thus, in LCD Monitors the impact will be a combined effect of dollar appreciation, proportionate duty increase and the Panel price increase.&New Delhi, June 02, 2008: LG Electronics India Pvt Ltd today announced price hike owing to the constant escalation of input costs. The price hike will span across categories like Monitors and optical storage devices and the targeted price increase is around 7% to 10%. However, with a view to soft pedal these sudden impacts LG will be increasing the prices in a phased manner, starting with 3% with immediate effect.

The LCD Monitors will have two additional impacts in market prices. As the customs duty is based on MRP, this dollar appreciation is further compounded by proportionate increase in duty owing to increased MRP. Additionally, there is an increasing trend of LCD Panel prices. Thus, in LCD Monitors the impact will be a combined effect of dollar appreciation, proportionate duty increase and the Panel price increase.

Commenting on the price hike, Mr. R Manikandan, Business Group Head, Monitors and OSDs said,"It has become imperative for us to consider price hike due to rise in exchange rate, which has gone up significantly in the last 1 month. From sub 40 range in the last week of April, the exchange rate has gone up to 42.5 as on 29th May. This is approx 7% rise in exchange rate over last one month period, resulting in increased costing, calling for increase in market prices."

As the $ projections are looking stronger in the short run, the overall prices will have to go upwards steadily, the most vulnerable being the LCD owing to compounded effect.